Legacy Education Reports Results for Fourth Quarter and Full Year 2024
Legacy Education Inc. (NYSE American: LGCY) reported strong financial results for Q4 and full year 2024. Revenue grew 34.1% to $12.8 million in Q4 and 29.7% to $46.0 million for the full year. New student starts increased 27.1% in Q4 and 21.8% for the year. The company achieved net income of $1.0 million in Q4 and $5.1 million for the year, with earnings per share of $0.10 and $0.55 respectively. EBITDA for the year was $6.5 million, with adjusted EBITDA of $8.4 million. The student population grew 28.3% to 2,187. CEO LeeAnn Rohmann attributed the growth to strategic initiatives and focus on high-quality education. The company expects continued growth and expansion in 2024.
Legacy Education Inc. (NYSE American: LGCY) ha riportato risultati finanziari solidi per il Q4 e l'intero anno 2024. Il fatturato è aumentato del 34,1% raggiungendo $12,8 milioni nel Q4 e del 29,7% a $46,0 milioni per l'anno completo. I nuovi studenti iscritti sono aumentati del 27,1% nel Q4 e del 21,8% nell'anno. L'azienda ha raggiunto un utile netto di $1,0 milione nel Q4 e $5,1 milioni per l'anno, con un utile per azione di $0,10 e $0,55 rispettivamente. L'EBITDA per l'anno è stato di $6,5 milioni, con un EBITDA rettificato di $8,4 milioni. La popolazione studentesca è cresciuta del 28,3% a 2.187. Il CEO LeeAnn Rohmann ha attribuito la crescita a iniziative strategiche e al focus su un'educazione di alta qualità. L'azienda si aspetta una continua crescita e espansione nel 2024.
Legacy Education Inc. (NYSE American: LGCY) reportó sólidos resultados financieros para el cuarto trimestre y el año completo 2024. Los ingresos crecieron un 34,1% alcanzando $12,8 millones en el cuarto trimestre y un 29,7% a $46,0 millones para el año completo. Los nuevos estudiantes inscritos aumentaron un 27,1% en el cuarto trimestre y un 21,8% en el año. La compañía logró un ingreso neto de $1,0 millón en el cuarto trimestre y $5,1 millones para el año, con ganancias por acción de $0,10 y $0,55 respectivamente. El EBITDA del año fue de $6,5 millones, con un EBITDA ajustado de $8,4 millones. La población estudiantil creció un 28,3% alcanzando 2,187. La CEO LeeAnn Rohmann atribuyó el crecimiento a iniciativas estratégicas y al enfoque en una educación de alta calidad. La compañía espera un crecimiento y expansión continuos en 2024.
Legacy Education Inc. (NYSE American: LGCY)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 4분기에 수익이 34.1% 증가하여 1280만 달러에 도달했습니다, 그리고 전체 연도에는 29.7% 증가하여 4600만 달러에 도달했습니다. 새로운 학생 수는 4분기에 27.1%, 연간으로는 21.8% 증가했습니다. 회사는 4분기에 100만 달러, 연간으로 510만 달러의 순이익을 달성했습니다, 주당 수익은 각각 0.10달러와 0.55달러입니다. 연간 EBITDA는 650만 달러였고, 조정 EBITDA는 840만 달러였습니다. 학생 수는 28.3% 증가하여 2,187명이 되었습니다. CEO인 LeeAnn Rohmann은 성장을 전략적 이니셔티브와 고품질 교육에 대한 집중 덕분이라고 설명했습니다. 회사는 2024년에 지속적인 성장과 확장을 기대하고 있습니다.
Legacy Education Inc. (NYSE American: LGCY) a annoncé des résultats financiers solides pour le quatrième trimestre et l'ensemble de l'année 2024. Le chiffre d'affaires a augmenté de 34,1% pour atteindre 12,8 millions de dollars au quatrième trimestre et de 29,7% pour s'établir à 46,0 millions de dollars pour l'année complète. Le nombre de nouveaux étudiants a augmenté de 27,1% au quatrième trimestre et de 21,8% sur l'année. L'entreprise a réalisé un bénéfice net de 1,0 million de dollars au quatrième trimestre et de 5,1 millions de dollars pour l'année, avec un gain par action de 0,10 et 0,55 dollar respectivement. L'EBITDA pour l'année était de 6,5 millions de dollars, avec un EBITDA ajusté de 8,4 millions de dollars. La population étudiante a crû de 28,3% pour atteindre 2 187. La PDG LeeAnn Rohmann a attribué cette croissance aux initiatives stratégiques et à l'accent mis sur une éducation de haute qualité. L'entreprise s'attend à une croissance continue et à une expansion en 2024.
Legacy Education Inc. (NYSE American: LGCY) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Der Umsatz stieg um 34,1% auf 12,8 Millionen Dollar im vierten Quartal und um 29,7% auf 46,0 Millionen Dollar für das Gesamtjahr. Die Anzahl der neuen Schüler stieg im vierten Quartal um 27,1% und im Jahresverlauf um 21,8%. Das Unternehmen erzielte einen Nettogewinn von 1,0 Million Dollar im vierten Quartal und 5,1 Millionen Dollar für das Jahr, mit einem Gewinn pro Aktie von 0,10 und 0,55 Dollar. Das EBITDA für das Jahr betrug 6,5 Millionen Dollar, mit einem bereinigten EBITDA von 8,4 Millionen Dollar. Die Schülerzahl wuchs um 28,3% auf 2.187. CEO LeeAnn Rohmann führte das Wachstum auf strategische Initiativen und den Fokus auf qualitativ hochwertige Bildung zurück. Das Unternehmen erwartet auch 2024 weiteres Wachstum und Expansion.
- Revenue grew 34.1% to $12.8 million in Q4 2024
- Full year 2024 revenue increased 29.7% to $46.0 million
- New student starts increased 27.1% in Q4 and 21.8% for the full year
- Net income of $5.1 million for full year 2024
- Earnings per share of $0.55 for full year 2024
- Student population grew 28.3% to 2,187
- General and administrative expenses increased 22.0% to $13.0 million in fiscal 2024
- Non-cash compensation charge of $1.9 million related to stock option grants
- Anticipation of continued increase in general and administrative expenses
Insights
Legacy Education's Q4 and full-year 2024 results show strong growth and profitability. Revenue increased
Key financial highlights include:
- Full-year net income of
$5.1 million , up from$2.7 million in 2023 - EPS of
$0.55 , nearly doubling from$0.29 in 2023 - Adjusted EBITDA of
$8.4 million , up117% from 2023
The company's growth strategy and focus on high-quality education appear to be paying off. However, investors should note the
Legacy Education's performance reflects broader trends in the for-profit education sector. The
The company's ability to increase pricing on certain programs while still growing enrollment suggests a strong value proposition and brand positioning. However, the education landscape remains competitive and subject to regulatory scrutiny. Legacy's focus on "high-quality educational experiences" is important for long-term success and compliance.
The increase in marketing and bad debt expenses warrants attention. While marketing investment can drive growth, rising bad debt could signal potential issues with student loan repayment or program completion rates. Monitoring these metrics will be important for assessing the sustainability of Legacy's growth and the quality of its student outcomes.
High Demand Fuels Positive Growth Outlook for 2024
Fourth Quarter 2024 Financial Highlights
- Revenue grew
34.1% to$12.8 million - New student starts increased
27.1% - EBITDA of
$0.9 million $2.7 million - Net income of
$1.0 million - Earnings per share of
$0.10
Full Year 2024 Financial Highlights
- Revenue grew
29.7% to$46.0 million - New student starts increased
21.8% - EBITDA of
$6.5 million $8.4 million - Net income of
$5.1 million - Earnings per share of
$0.55 - Ended year with student population of 2,187,
28.3% higher than 2023
"We are pleased to report results in our annual earnings report, underscoring Legacy Education Inc.'s commitment to delivering high-quality educational experiences," said LeeAnn Rohmann, Chief Executive Officer. "This year's performance reflects our strategic growth initiatives and dedication to empowering individuals through transformative learning. We remain focused on expanding our reach and enhancing the value we provide to our students, partners and shareholders."
YEAR END FINANCIAL RESULTS
(Year ended June 30, 2024 compared to June 30, 2023)
- Revenue was approximately
$46.0 million $35.5 million $10.5 million 29.7% . The increase was primarily due to increased student enrollment and the increase in pricing of certain programs. - Educational services was approximately
$26.4 million $20.8 million $5.6 million 26.8% . The increase is primarily a result of increased instructional and staffing required to support the increase in enrollments as well as a non-cash compensation charge of approximately$1.9 million $1.8 million - General and administrative expense was approximately
$13.0 million $10.7 million $2.3 million 22.0% . The increase was primarily related increased marketing and bad debt expense. We anticipate general and administrative expense will continue to increase as our business continues to move towards decentralization, reflecting (i) that we are now more corporate and campus-based, with additional management overseeing various campuses, and (ii) additional professional fees as we pursue potential acquisitions of new institutions. Of the total general and administrative expense,$4.1 million $3.5 million
(Table to Follow | |||||
Three Months Ended | Year Ended | ||||
June 30 | June 30 | ||||
2024 | 2023 | 2024 | 2023 | ||
Unaudited | Unaudited | ||||
REVENUE | |||||
Tuition and related income, net | $ 12,752,420 | $ 9,509,864 | $ 46,000,316 | $ 35,455,948 | |
OPERATING EXPENSES | |||||
Educational services | 8,548,697 | 5,600,550 | 26,351,326 | 20,785,421 | |
General and administrative | 3,253,367 | 2,722,619 | 12,999,164 | 10,651,402 | |
General and administrative - related party | 42,000 | 47,000 | 168,000 | 173,000 | |
Depreciation and amortization | 75,865 | 55,306 | 265,036 | 224,488 | |
Total costs and expenses | 11,919,929 | 8,425,475 | 39,783,526 | 31,834,311 | |
OPERATING INCOME | 832,491 | 1,084,389 | 6,216,790 | 3,621,637 | |
Interest expense | (14,864) | (16,943) | (118,162) | (96,259) | |
Interest income | 359,814 | 190,438 | 886,834 | 339,102 | |
Total other income | 344,950 | 173,495 | 768,672 | 242,843 | |
INCOME BEFORE INCOME TAXES | $ 1,177,441 | $ 1,257,884 | $ 6,985,462 | $ 3,864,480 | |
Income tax expense | (216,099) | (463,121) | (1,870,610) | (1,197,741) | |
Net income (loss) | 961,342 | 794,763 | $ 5,114,852 | 2,666,739 | |
Net income per share | |||||
Basic net income per share | $ 0.10 | $ 0.09 | $ 0.55 | $ 0.29 | |
Diluted net income per share | $ 0.10 | $ 0.08 | $ 0.53 | $ 0.28 | |
Basic weighted average shares outstanding | 9,291,149 | 9,254,881 | 9,291,149 | 9,216,949 | |
Diluted weighted average shares outstanding | 9,691,149 | 9,654,881 | 9,691,149 | 9,616,949 | |
(1) Shares outstanding and per share amounts have been retroactively adjusted to reflect the 2-for-1 reverse split of our common stock effected on September 9, 2024. |
Selected Consolidated Balance Sheet Data: | June 30, 2024 | |
Cash and cash equivalents | $ 10,376,149 | |
Current assets | 24,587,609 | |
Total assets | 35,173,050 | |
Current liabilities | 10,466,242 | |
Total stockholders' equity | 22,419,012 | |
Important Information Regarding Non-GAAP Financial Information
To supplement Legacy Education's consolidated financial statements presented in accordance with GAAP, Legacy Education furnishes certain adjusted non-GAAP supplemental information to our financial results regarding EBITDA and adjusted EBITDA. This reconciliation adjust the related GAAP financial measures to exclude operating income to adjust the impact of non cash compenation in the periods presented. We use such adjusted non-GAAP financial measures to evaluate our period-over-period operating performance because our management team believes that by excluding the effects of such adjusted GAAP-related items that, in their opinion, do not reflect the ordinary earnings of our operations, it enhances investors' overall understanding of our current financial performance and our prospects for the future by (i) providing a more comparable measure of our continuing business, as well as greater understanding of the results from the primary operations of our business, (ii) affording a view of our operating results that may be more easily compared to our peer companies, and (iii) enabling investors to consider our operating results on both a GAAP and adjusted non-GAAP basis (including following the integration period of our prior and proposed acquisitions). However, this adjusted non-GAAP information is not in accordance with, or an alternative to, generally accepted accounting principles in the United States ("GAAP") and should be considered in conjunction with our GAAP results as the items excluded from the adjusted non-GAAP information may have a material impact on Legacy's financial results. A reconciliation of adjusted non-GAAP adjustments to Legacy's GAAP financial results is included in the tables at the end of this press release.
In the noted fiscal periods, we adjusted net income for the items identified from our GAAP financial results to arrive at our adjusted non-GAAP financial measures:
Stock-based compensation - We exclude stock-based compensation to be consistent with the way management and, in our view, the overall financial community, evaluates our performance and the methods used by analysts to calculate consensus estimates. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include these charges in operating plans.
RECONCILIATION OF NET INCOME, EBITDA, AND ADJUSTED EBITDA | ||||||||||
Three Months Ended | Year Ended | |||||||||
June 30 | June 30 | |||||||||
2024 | 2023 | 2024 | 2023 | |||||||
Net income | $ 961,342 | $ 794,763 | $ 5,114,852 | $ 2,666,739 | ||||||
Adjusted to exclude the following: | ||||||||||
Interest expense (income), net | (344,950) | (173,495) | (768,672) | (242,843) | ||||||
Provison for income taxes | 216,099 | 463,121 | 1,870,610 | 1,197,741 | ||||||
Depreciation and amortization | 75,865 | 55,306 | 265,036 | 224,488 | ||||||
EBITDA | 908,356 | 1,139,695 | 6,481,826 | 3,846,125 | ||||||
Non cash compensation | 1,882,064 | 0 | 1,882,064 | 0 | ||||||
Adjusted EBITDA | $ 2,790,420 | $ 1,139,695 | $ 8,363,890 | $ 3,846,125 | ||||||
ABOUT LEGACY EDUCATION
Legacy Education (NYSE: LGCY) is an award-winning, nationally accredited, for-profit post-secondary education company founded in 2009. Legacy Education provides career-focused education primarily in the healthcare field, with certificates and degrees for nursing, medical technicians, dental assisting, business administrative, and several others. The company offers a wide range of educational programs and services to help students achieve their professional goals. Legacy Education's focus is on providing high-quality education that is accessible and affordable. Legacy Education is committed to growing it's education footprint via organic enrollment growth, addition of new programs and accretive acquisitions. For more information, please visit www.legacyed.com or on LinkedIn @legacy-education-inc.
FORWARD-LOOKING STATEMENTS
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates, expected use of proceeds, the Company's operations and business strategy and the Company's expected financial results. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on management's current expectations and are subject to substantial risks, uncertainty and changes in circumstances. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described in the section entitled "Risk Factors" in Legacy's most recent Annual Report on Form 10-K and Legacy's other filings made with the
Contact Legacy Education Inc.
Investor Relations
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SOURCE Legacy Education Inc.
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